Hey, times are hard all over, even for Tim Cook. The Apple CEO received a pay cut in the tech giant’ latest fiscal year following shareholder guidance and a “recommendation” from the man himself, notes The Hollywood Reporter

Cook’s annual compensation package was $63.2 million after rising to $99.4 million during the 2022 fiscal year, according to a regulatory filing with the Securities and Exchange Commission. For the fiscal year that ended Sept. 30, the CEO’s target compensation dropped to $49 million.

That’s down more than 40% from the CEO’s 2022 target compensation. As a result, Cook’s performance-based stock awards rose to 75%.

For the latest fiscal year, Cook earned a $3 million base salary, while he received another $47 million from stock awards. Beyond that, he made $10.7 million from non-equity compensation and $2.5 million in other compensation, mostly in the form of security costs.

Article provided with permission from AppleWorld.Today